Tonight I just want to break into a sad song.
Where have all the flowers gone? Long time passing. Where have all the flowers gone? Long time ago.
Where have all the flowers gone? Gone to the graveyards, ev’ry one. When will they ever learn? When will they ever learn?
Yes, you caught the slight change in lyrics, didn’t you? Tonight it doesn’t feel right. There’s an ill wind blowing. The morning began with this piece, explaining that the ECB bailout is really a bailout of the banks and the wealthy, not a country. The bailout apparently buys a little time for those exposed to dump assets into the ECB al a the Federal Reserve. I thought there was some consensus building around moral hazard. When will they ever learn, when will they ever learn. Fool me once, shame on you, fool me twice….
Then I notice this from last week, one of my favorite economic indicators. It is nice and simple. It tells you how much freight is moving over the highways. It says that economic growth is stagnating quickly, even before any possible impact from the financial market turmoil of the last two weeks. Another article I can’t find at the moment isolates retail spending increases as coming predominantly from the wealthy. The class divide is getting deeper.
Then the FinReg amendments stalled on the strength of obstruction. Again, this is about retaining wealth and power for banks.
Then Europe goes into full panic mode with Germany’s sudden ban on short selling…
When will they ever learn, when will the ever learn? I’ll bet it’s stuck in your head now.